Paul Kangas' Stocks in the News
Monday, June 15, 2009
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PAUL KANGAS: Big losses in overseas markets carried over to Wall Street today, as stocks opened sharply lower on a sell off in oil, gold and other commodity-related stocks. Two hours into trading session, the Dow was off 203 points and the NASDAQ down 52 points, amid investor concern that the recent rally has been overdone. Sellers continued to dominate the market as the day wore on, but some late bargain hunting trimmed the losses slightly. So the Dow Industrial Average closed off 187.13 at 8612.13. NASDAQ fell 42.42 at 1816.38 while the Standard & Poor's 500 Index lost 22.49 ending at 923.72. Over in the bond market, the 10-year note gained 20/32 to 95 5/32, putting the yield down to 3.72 percent.
New York exchange volume leader on 46.8 million shares, Bank of America (BAC) down $0.39. Bank analyst Dick Bove sees the company's loss provisions this year at $46 billion, but he still thinks the stock could triple over the next few years.
Citigroup (C) down $0.10. The company and the World Bank are in a partnership to provide $1.25 billion to banks in Asia, the Middle East, Africa and Latin America.
General Electric (GE) $0.36 loss there.
Pfizer (PFE) down $0.63.
JPMorgan Chase (JPM) lost $1.13.
Ford Motor Co (F) off $0.18.
American International Group (AIG) an $0.08 loss.
And what's this, a gainer, SprintNextel (S) up a nickel a share.
Regions Financial (RF) $0.12 loss.
And Wells Fargo (WFC) with a $0.77 drop there.
Wal-Mart Stores (WMT) led the blue chips lower with that loss of $1.38 after Goldman Sachs downgraded it from "buy" to "neutral."
Let's look at some of the other big losers in the Dow 30, Boeing (BA), Caterpillar (CAT), Chevron (CVX), Johnson & Johnson (JNJ) and Procter & Gamble (PG) all more than $1 losers.
Tyco Electronics (TEL) closed up or down $0.61, but after the close, the company boosted its third quarter earnings from an estimate from $0.06 to as much as $0.17 on the outlook. Wall Street was predicting only $0.04. In after hours trading, the stock was up about $140 from the price you see there.
Lincoln National (LNC) down $1.92. The company plans an offering of $600 million of its common shares and eventually $500 million in senior debt and $950 million in preferred shares.
Oil driller Rowan Co (RDC) down $1.48 after Credit Suisse downgraded it from "neutral" to "under perform" on valuation.
And Cemex Sab (CX), the big Mexican cement producer, down $1.04. The company plans to sell its Australian operations for about $1.63 billion, negative reaction to that.
And Oil-Dri Corp of America (ODC) down $4.46. The company sees a material loss of its brand cat litter sales and related profits in 2010 as its largest customer cut orders because that customer is going to market its own brand of cat litter.
Looking over the counter, we see Apple (APPL) topping the active list with an $0.88 loss. Canacord Adams (ph) brokerage downgraded Apple from "buy" to a "hold."
Microsoft (MSFT) $0.09 gain there.
Google (GOOG) down $8.07. The "New York Post" reports Google has its top engineers frantically upgrading its search engine to compete with Microsoft's new Bing search engine.
Research in Motion (RIMM) down $2.64. Canadore Adams brokerage downgraded it from "buy" to "hold."
And then Intel (INTC) with a $0.33 loss, was fifth in NASDAQ volume.
Cisco Systems (CSCO) off $0.55.
Qualcomm (QCOM) down $1.74.
Oracle (ORCL) fell $0.63.
Baidu (BIDU) managed to buck the trend with a gain of $3.31.
And then Amazon.com (AMZN) down $0.90.
And that's our look at the stocks in the news.
